Downtown Developer Pleads Guilty to Wire Fraud
By Tom Weber, KWMU
St. Louis, MO – The man who renovated the WS Hotel in downtown St. Louis pleaded guilty Thursday to wire fraud for spending part of a loan for that project on his own house.
Williams Stallings, Jr. is also known for having helped rehab the Chase Park Plaza.
Federal investigators say he diverted more than $65,000 of a loan for the WS Hotel project for use at his home.
He got the loan from GMAC, which said all laon money must soley be used for the WS renovation.
Investigators say Stallings diverted more than $52,000 of gym and pool equipment, as well as $10,364 in lighting supplies to his Ladue home.
He faces up to twenty years in prison and must pay back the money he misused. He'll be sentenced in June.